America’s Car-Mart of Rogers reported Wednesday second-quarter revenue for fiscal 2022 of $288.3 million, up from $223.4 million in the same quarter a year ago.
Quarterly income was $22.9 million, up from $21.2 million a year ago. Earnings per share was $3.33, up from $3.05.
America’s Car-Mart said sales were up nearly 6% while the average sales price jumped more than 21%.
“We believe productivity would have been even better had availability of vehicles at lower price points been at more normal levels,” America’s Car-Mart CEO Jeff Williams said. “The investments we are making in our inventory procurement area have allowed us to consistently offer better quality vehicles to our customers and keep our dealerships sufficiently stocked during this difficult supply period. We anticipate ongoing and continuous improvements in this crucial area of our business with the ultimate goal being to increase the amount of field time allocated to operational efficiencies, unit volume productivity and growing customer counts.”
America’s Car-Mart also inched closer to Williams’ stated goal of having 100,000 customers by April 2022. The company reported 93,231 customers in the second quarter, an increase from 83,945 in the same quarter a year ago.
“Our investments in digital customer experience are resulting in higher traffic to our website and improving our sales to repeat customers, which, at the end of the second quarter, were over 50%,” Williams said. “We aim to continue to increase sales potential by reaching more consumers and then earn their repeat business by delivering a unique and superior customer experience.”
America’s Car-Mart sold 14,824 vehicles in the quarter, an increase from 14,022 in the same quarter a year ago. The average sales price was $16,179, a steep rise from $13,365 a year ago.
Same-store revenue growth was 28.2%, up from 12.8% last year, and America’s Car-Mart reported 152 stores in operation, two more than the same quarter a year ago.